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Bitcoin [BTC/USD] Technical Analysis: No sign of the bulls in the bear-ridden market

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Bitcoin [BTC/USD] Technical Analysis: No sign of the bulls in the bear-ridden market
Source: Unsplash

Bitcoin’s short-term rally came to a halt and the prices are once again moving in a sideways trend and the price candles are arranged to form a pattern that might break out soon.

The current price of Bitcoin at the time of writing was at $3,556, with a market cap of $63 billion. The 24-hour trade volume of BTC was at $6.1 billion. Most of the trade volume comes from Bitcoin perpetual contracts from BitMEX exchange via trade pair BTC/USD.

1-hour:

The one-hour chart for BTC shows an uptrend that extends from $3,366 to $3,577 while there is no clear downtrend seen for now. The support at $3,366 is holding fine, while the resistance points at $3,564 and $3,577 were being tested at press time.

The Parabolic SAR markers are signifying a bearish trend for BTC prices at the moment. There are no reversal signals being indicated as of now.

The MACD indicator shows a collapsed position, as the MACD and the signal lines are both below the zero lines. The aforementioned lines show the possibility of a crossover soon.

The Relative Strength Index shows a recovering RSI line. The momentum is favoring the sellers and not the buyers.

1-day

The one-day chart shows a clear and dominant downtrend that ranges from $9,800 to $3,613 while there are no signs of an uptrend. BTC prices, in the longer time frames, are bouncing between supports $3,189 and $4,111. The long-term resistance can be seen holding at $7,641.

The Aroon indicator shows exhaustion of the uptrend in play as the green line is falling down. This indicates a change in trend.

The Stochastic indicator shows an ongoing bearish crossover i..e, a bearish pressure on BTC prices.

The Chaikin Money Flow indicator has attained equilibrium as it is seen at the 50-line, at the time of writing. This signifies equal money flowing into and out of the market.

Conclusion

The SAR, MACD, and RSI all indicate a bearish momentum in play for BTC prices. The one-day chart for BTC shows a rather neutral to bearish pressure as indicated by Aroon, Stochastic, and CMF indicators.



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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

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1 Comment

1 Comment

  1. Fan Xia

    February 13, 2019 at 3:50 AM

    The entire crypt market is going to zero with only one emerge as successful blockchain. Reasons:
    Bitcoin was designed to be a global ledger, you only need one, just like the world wide web.
    All of the experiments, alt coins derived from Bitcoin. All of them took a path that is no longer legal. Bitcoin was carefully designed to follow all existing regulations hence why it is an immutable chain of digital signatures recorded once, kept forever. This is a requirement by law.
    Finally, Bitcoin is based on economic incentives as the chain scales up, miners compete for lower fees as they are able to accept bigger blocks with more volume for less. None of the other consensus mechanism are based on economic competition. They don’t work, they can’t scale and it cannot compete with Bitcoin on cost.

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